TEMPE, AZ - Transwestern announced it brokered the sale of Dorsey Place, an 84-unit, condominium-style apartment building on East University Drive in Tempe, Ariz., for nearly $15 million. San Diego, Calif.-based Stratford Partners and Pathfinder Partners, which had purchased the building in 2011, sold the building to a joint venture between Diversified International Partners and Alliance Residential of Phoenix.
The sellers were represented by Transwestern's multifamily team in Phoenix, led by Vice Presidents Jack Hannum and Bret Zinn and Financial Analyst John Drowns. Diversified International Partners is a fund specifically created for Latin American institutional and qualified high-net worth investors by its general partner, Finesa Real Estate Group, and its fund manager, Transwestern Investment Management.
Diversified International Partners and Alliance expect additional value can be added to the property through focused, management expertise and by capitalizing on current market expansion. Less than a mile from Arizona State University and in close proximity to major corporate developments now underway in Tempe, the 96,400-square-foot property is a gated, four-story building featuring high-end specifications that distinguish it from newer, for-lease homes.
Built in 2007, Dorsey Place has two- and three-bedroom units that feature upscale finishes, including granite countertops and stainless steel appliances. Other amenities include underground parking, a heated swimming pool in a central courtyard and a resident clubhouse.
Alliance and Diversified International Partners plan to reposition Dorsey Place in correlation with the additional commercial developments nearby. Plans include converting the vacant first-floor retail space into additional livable units, adding a fitness center and renovating the existing common area amenities.
"The new capital investment into Dorsey Place will create a highly attractive property that will offer an enhanced living experience to the additional workforce coming into the area," said Alliance Managing Director Paul Engler.
"With State Farm currently building 2 million square feet of office space on nearby Tempe Town Lake, there is growing demand for multifamily residential units here," said Hannum. "So in terms of timing, this is a win-win for the Dorsey Place buyers and sellers, as well as the City of Tempe."